Follow the author of this article

Follow the topics within this article

Consumers buying Bitcoin are behaving like problem gamblers, becoming delusional and obsessed with their investments, the City watchdog has warned.

The Financial Conduct Authority (FCA) yesterday published the results of its study into the impact of cryptocurrencies, of which Bitcoin is the best known, having previously warned over the high levels of risk and volatility investors were exposing themselves to.

Bitcoin hit the headlines at the end of 2017 when its price soared to almost $20,000 (£15,200) for a single coin. This led many to invest large sums, but within a year the price collapsed and is now below $4,000.